Renewables MMI®: SolarCity Buys Silevo, Plans New York Silicon Panel Factory

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SolarCity, the rooftop solar system installer whose chairman is billionaire Elon Musk, is buying solar silicon photovoltaic panel maker Silevo for up to $350 million.

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As part of the announcement, SolarCity also said it’s in talks with the state of New York to build a 1-gigawatt solar-panel module factory in New York within the next two years. Once built, it will be one of the largest plants in the world, according to a company blog post authored by Musk and SolarCity co-founders Peter Rive and Lyndon Rive. The factory will be followed by one or more “significantly larger plants,” according to the company.

Under the acquisition deal, SolarCity will pay $200 million in stock for Fremont, Calif-based Silevo and may pay another $150 million if the solar panel manufacturer meets certain production targets, according to an SEC filing.

Chinese cobalt cathodes finished as the week’s biggest mover on the weekly Renewables MMI® after dropping 0.7 percent and landing at CNY 205,500 ($32,998) per metric ton. At CNY 3,720 ($597.33) per metric ton, the price of Chinese steel plate finished the week down 0.3 percent. At CNY 14,250 ($2,288) per metric ton, the price of silicon did not change since the previous week. Neodymium traded sideways last week, hovering around CNY 410,000 ($65,834) per metric ton.

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Japanese steel plate remained essentially flat from the previous week at JPY 76,000 ($745.98) per metric ton. At KRW 900,000 ($885.39) per metric ton, the week finished with no movement for Korean steel plate. Closing out the third week of declining prices, the price of Chinese steel plate dropped by 0.3 percent, finishing at CNY 3,720 ($597.33) per metric ton. US steel plate gained a slight 0.1 percent this past week, finishing at $849.00 per short ton.

US grain-oriented electrical steel (GOES) remained essentially flat at $2,890 per short ton.

The Renewables MMI® collects and weights 8 metal price points used extensively within the renewable energy industry to provide a unique view into renewable energy metal price trends. For more information on the Renewables MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.

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